The decrease was more than previously expected due to few imported cargo arrivals

The decrease was more than previously expected due to few imported cargo arrivals. Meanwhile, some downstream plants took back cargoes before the month-end. However, according to the shipping schedules, there would be around 7 ships to arrive before end-May. Port inventory is expected to increase slightly next week.

In addition, downstream styrene futures kept decreasing this week in line with the decline in commodity futures due to concerns over macroeconomic conditions. So the support from the inventory decrease to benzene price was limited. Sinopec also slashed benzene listed price by 300yuan/mt on May 25. The least listed price of benzene was 6,500yuan/mt.